Philly Fed Survey

You may be wondering what that sudden spike down was all about at 10 a.m., that would be the release of the Philly Fed Survey

The Manufacturing Index was expected to come in at +5.5-an increase from May's +3.9, instead the actual reading came in at 31 month lows at -7.7 for June.

Yesterday the Empire Index gave a similar outlook, and last week and the week before multiple manufacturing measures have all been on a trajectory toward contraction.